What is a Business Current Account?

A business bank account is designed for managing company money, rather than personal spending. It allows sole traders, partnerships, and limited companies to handle business income and outgoings through a dedicated account.

For limited companies in the UK, a separate business bank account is usually essential because the business is treated as a separate legal entity. It can also make day-to-day finances easier to manage, help keep records clearer, and support
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Tide Business Current Account

Get £50 cashback when you open a business account with Tide*
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Interest Up to 4% AER variable**
Monthly Fee £0 /mth
Overdraft No
FSCS Protected Yes
ATM Withdrawal fee £1 per withdrawal
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24/7 support Auto-categorisation Easily receive payments International payments Earn interest

*To be eligible for your £50 cashback reward you must spend £100 in the first 30 days of account opening*.

**Interest rate accessed via the Tide Instant saver account (powered by Clearbank). Interest rates are tiered, with the top rate for balances between £1M and £10M.  New Tide Members get these rates free for 4 months, after which your Tide plan’s rates apply. For full details, see Tide's Summary Box. Rates correct as of 26/05/2026.

Wise Business Account

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Set up fee £50
Monthly fee £0
International Transfers From 0.33% (Mid-market rate)
Multi-Currency 40+ currencies
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Save on FX Efficient Payroll Simplified Bookkeeping Local Receiving No Monthly Commitment

Pros and Cons of a Business Bank Account

A business bank account can bring more structure to your finances, but the right choice will depend on how your business operates and what you need from your banking

Pros of a Business Bank Account

Cons of a Business Bank Account
Keep business and personal finance separate Some accounts come with monthly fees
Access tools for business banking and account management It can mean another account to manage
Could protect you from personal liability Features and value can vary between providers
May help your business look more professional Not every account pays interest on your balance
Can make bookkeeping and tax admin easier International payments can cost more
Some scammers use well-known brands to trick people into giving money or financial details, often by offering fake ISA and savings products with attractive interest rates. The most effective way to protect yourself is to report these scams.
  • If you suspect a fraudster has contacted you, stop all communication immediately and report it to Action Fraud.
  • If someone is pretending to be CreditKnowledge, get in touch with our customer services team.
  • Be cautious if you are asked to pay an upfront fee for a loan — this is almost always a scam.

For advice, you can also call Action Fraud on 0300 123 20240.